NASHVILLE, Tennessee | The LeClaire-Schlosser Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Smyrna Storage Center a 49,810 square foot storage facility located in Smyrna, Tennessee.
Jordan Farrer, Senior Director Investments, in the firm’s Salt Lake City office, and Adam Schlosser, Senior Managing Director, in the firm’s Denver office represented the seller, an out-of-state owner and developer. Jordan Farrer had this to say about the deal, “The out-of-state owner successfully purchased and expanded a small, underperforming asset into an institutional-sized property. Our process attracted interest and offers from both local and national self-storage buyers. The buyer plans to introduce professional management and lease-up strategies in one of Nashville’s growing suburbs.” The buyer, Wentworth Property Company, is a national real estate investment company that has acquired or developed self-storage assets exceeding $1 billion in value across multiple states. Jody McKibben, Vice President and the Regional Manager of Marcus & Millichap’s Nashville, Memphis, Knoxville, Birmingham, Mobile, and Baton Rouge offices, served as the broker of record for the transaction.
“The out-of-state owner successfully purchased and expanded a small, underperforming asset into an institutional-sized property. Our process attracted interest and offers from both local and national self-storage buyers. The buyer plans to introduce professional management and lease-up strategies in one of Nashville’s growing suburbs.”
Smyrna Storage Center is a 336-unit self-storage facility located in Smyrna, Tennessee. The property sits on around 3.67 acres of land, was initially constructed in 1996, and was expanded in 2023. It contains six single-story self-storage buildings with 202 drive-up units. The facility has many amenities including electronic gated entry with a digital keypad, large institutional-style leasing office with retail and security monitor display, 24/7 video surveillance throughout the facility, concrete driveways, and metal roll-up doors throughout.
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